GRAYPEN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-04-2026 PDF all 13 filings
Turnover
≈ €1.1m
Estimated: probably between €690,000 and €1.9m
Total assets
€1.4m▼ 36.7%
2024 · €2.2m
Net result
€28,357▼ 45.8%
2024 · €52,366
Working capital
€42,528▼ 84.3%
2024 · €270,595
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€48,524
▼ 39.3%
2025
20192025
Net result
€28,357
▼ 45.8%
2025
middle half of the sector
20192025
Equity
€125,375
▼ 63.9%
2025
middle half of the sector
20192025
Total assets
€1.4m
▼ 36.7%
2025
middle half of the sector
20192025
Debt
€1.3m
▼ 31.6%
2025
20192025
Working capital
€42,528
▼ 84.3%
2025
middle half of the sector
20192025
Solvency
8.9%
▼ 6.7pp
2025
lowest quarter of the sector
20192025
Current ratio
1.03
▼ 0.11
2025
middle half of the sector
20192025
Return on assets (ROA)
2.0%
▼ 0.3pp
2025
middle half of the sector
20192025
Staff (FTE)
3.2
▲ 6.7%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.03m-€0.2m▲ 444%€0.1m▼ 22.8%€0.3m▲ 121%€0.3m▲ 9.1%€0.08m▼ 71.8%€0.05m▼ 39.3%
Net result€0.006m-€0.1mwithin the sector's middle half▲ 17×€0.08mwithin the sector's middle half▼ 14.8%€0.2mabove the sector's middle half▲ 186%€0.2mabove the sector's middle half▼ 4.9%€0.05mwithin the sector's middle half▼ 76.5%€0.03mwithin the sector's middle half▼ 45.8%
Equity€0.008m-€0.1mwithin the sector's middle half▲ 13×€0.2mwithin the sector's middle half▲ 78.8%€0.3mwithin the sector's middle half▲ 45.5%€0.3mwithin the sector's middle half▲ 8.6%€0.3mwithin the sector's middle half▲ 17.8%€0.1mwithin the sector's middle half▼ 63.9%
Total assets€0.7m-€1.0mwithin the sector's middle half▲ 35.4%€1.6mwithin the sector's middle half▲ 55.7%€2.8mwithin the sector's middle half▲ 76.5%€2.3mwithin the sector's middle half▼ 18.0%€2.2mwithin the sector's middle half▼ 2.6%€1.4mwithin the sector's middle half▼ 36.7%
Debt€0.7m-€0.9m▲ 22.7%€1.4m▲ 53.1%€2.5m▲ 80.7%€2.0m▼ 20.9%€1.9m▼ 5.6%€1.3m▼ 31.6%
Working capital-€0.03m-€0.03mwithin the sector's middle half€0.1mwithin the sector's middle half▲ 316%€0.2mwithin the sector's middle half▲ 79.2%€0.2mwithin the sector's middle half▲ 11.8%€0.3mwithin the sector's middle half▲ 23.9%€0.04mwithin the sector's middle half▼ 84.3%
Solvency1.0%-10.3%below the sector's middle half▲ 9.3pp11.9%below the sector's middle half▲ 1.5pp9.8%below the sector's middle half▼ 2.1pp13.0%below the sector's middle half▲ 3.2pp15.7%within the sector's middle half▲ 2.7pp8.9%below the sector's middle half▼ 6.7pp
Current ratio0.96-1.03within the sector's middle half▲ 0.071.08within the sector's middle half▲ 0.051.08within the sector's middle half=1.11within the sector's middle half▲ 0.031.14within the sector's middle half▲ 0.031.03within the sector's middle half▼ 0.11
Return on assets (ROA)0.8%-9.6%above the sector's middle half▲ 8.8pp5.2%within the sector's middle half▼ 4.3pp8.5%within the sector's middle half▲ 3.2pp9.8%within the sector's middle half▲ 1.4pp2.4%within the sector's middle half▼ 7.5pp2.0%within the sector's middle half▼ 0.3pp
Staff (FTE)1.8-1.8below the sector's middle half=2below the sector's middle half▲ 11.1%2below the sector's middle half=2.4within the sector's middle half▲ 20.0%3within the sector's middle half▲ 25.0%3.2within the sector's middle half▲ 6.7%
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 39% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€82,847 ▲ 8.4%
Current assets
€1.3m ▼ 38.3%
Equity and liabilities €1.4m
Equity
€125,375 ▼ 63.9%
Debt
€1.3m ▼ 31.6%
Debt's share of the balance-sheet total rises from 84.3% to 91.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€50,942▼
2024 · €80,526
Cash flow
€30,775▼
2024 · €52,914
Debt to equity
10.19▲
2024 · 5.38
ROE
22.6%▲
2024 · 15.1%
Interest coverage
17.39▼
2024 · 31.17
Debt ≤ 1 year
€1.3m▼
2024 · €1.9m
Income taxes
€22,949▼
2024 · €36,440
Staff costs
€430,142▼
2024 · €483,863
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-10-2021 | 31-10-2022 | 31-10-2023 | 31-10-2024 | 31-10-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 3 | 3 | 4 |
| full-time | 2 | 2 | 3 | 3 | 4 |
| part-time | 0 | 0 | 0 | - | - |
| in full-time equivalents | 2 | 2 | 3 | 3 | 4 |
| Average over the year, in full-time equivalents | 2 | 2 | 2.4 | 3 | 3.2 |
| On a permanent contract | 2 | 2 | 3 | 3 | 4 |
| Joined | 1 | - | 2 | - | 2 |
| Left | 1 | - | 1 | - | 1 |
| Training hours | 32 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 31-10-2021 | 31-10-2022 | 31-10-2023 | 31-10-2024 | 31-10-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,128 | €185 | €1,078 | €660 | €8,842 |
| Financial fixed assets | €0 | - | - | - | - |
| Depreciation and write-downs of the year | €1,702 | €1,651 | €805 | €547 | €2,418 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €265,367 | €363,853 | €418,570 | €483,863 | €430,142 | ▼ 11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,126 | €1,233 | €1,702 | €1,651 | €805 | €547 | €2,418 | ▲ 342% |
| Other operating charges640/8 | - | - | €426 | €225 | €200 | €563 | €2,272 | ▲ 303% |
| Gross operating margin9900 | €220,371 | €370,004 | €385,020 | €625,742 | €703,358 | €564,952 | €483,355 | ▼ 14.4% |
| Operating profit (loss)9901 | €27,988 | €152,311 | €117,525 | €260,012 | €283,783 | €79,979 | €48,524 | ▼ 39.3% |
| Financial income75/76B | - | - | €50 | €63,682 | €24,311 | €11,411 | €5,711 | ▼ 50.0% |
| Recurring financial income75 | €10 | €0 | €50 | €63,682 | €24,311 | €11,411 | €5,711 | ▼ 50.0% |
| Financial charges65/66B | - | - | €3,479 | €5,113 | €4,815 | €2,584 | €2,929 | ▲ 13.4% |
| Recurring financial charges65 | €5,302 | €6,691 | €3,479 | €5,113 | €4,815 | €2,584 | €2,929 | ▲ 13.4% |
| Profit (loss) for the period before taxes9903 | €22,696 | €145,620 | €114,096 | €318,581 | €303,279 | €88,806 | €51,306 | ▼ 42.2% |
| Income taxes67/77 | €16,959 | €49,106 | €31,872 | €83,721 | €80,000 | €36,440 | €22,949 | ▼ 37.0% |
| Profit (loss) for the period9904 | €5,737 | €96,514 | €82,224 | €234,860 | €223,279 | €52,366 | €28,357 | ▼ 45.8% |
| Profit (loss) for the period to be appropriated9905 | €5,737 | €96,514 | €82,224 | €234,860 | €223,279 | €52,366 | €28,357 | ▼ 45.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.7m | €1.0m | €1.6m | €2.8m | €2.3m | €2.2m | €1.4m | ▼ 36.7% |
| Fixed assets21/28 | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | ▲ 8.4% |
| Tangible fixed assets22/27 | €0.002m | €0.003m | €0.002m | €0.001m | €0.001m | €0.001m | €0.008m | ▲ 512% |
| Plant, machinery and equipment23 | - | - | €0.001m | €364 | €0.001m | €0.001m | €0.004m | ▲ 546% |
| Furniture and vehicles24 | - | - | €0.001m | €0.001m | €147 | €0.001m | €0.004m | ▲ 481% |
| Financial fixed assets28 | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Current assets29/58 | €0.7m | €0.9m | €1.5m | €2.7m | €2.2m | €2.1m | €1.3m | ▼ 38.3% |
| Amounts receivable within one year40/41 | €0.2m | €0.5m | €0.8m | €1.7m | €1.4m | €1.1m | €0.7m | ▼ 35.0% |
| Trade receivables40 | - | - | €0.7m | €1.6m | €1.4m | €1.0m | €0.7m | ▼ 33.5% |
| Other amounts receivable41 | - | - | €0.006m | €0.02m | €0.02m | €0.06m | €0.03m | ▼ 59.4% |
| Cash at bank and in hand54/58 | €0.5m | €0.5m | €0.7m | €1.0m | €0.8m | €1.1m | €0.6m | ▼ 42.2% |
| Deferred charges and accrued income490/1 | - | - | €0.004m | €0.005m | €0.009m | €0.02m | €0.02m | ▼ 1.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.7m | €1.0m | €1.6m | €2.8m | €2.3m | €2.2m | €1.4m | ▼ 36.7% |
| Equity10/15 | €0.008m | €0.1m | €0.2m | €0.3m | €0.3m | €0.3m | €0.1m | ▼ 63.9% |
| Contributions10/11 | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€0.01m | €0.09m | €0.2m | €0.3m | €0.3m | €0.3m | €0.1m | ▼ 67.5% |
| Amounts payable17/49 | €0.7m | €0.9m | €1.4m | €2.5m | €2.0m | €1.9m | €1.3m | ▼ 31.6% |
| Amounts payable after more than one year17 | €0.04m | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.7m | €0.9m | €1.4m | €2.5m | €2.0m | €1.9m | €1.3m | ▼ 31.6% |
| Trade debts44 | €0.5m | €0.6m | €0.9m | €1.4m | €1.3m | €1.6m | €1.0m | ▼ 35.0% |
| Suppliers440/4 | - | - | €0.9m | €1.4m | €1.3m | €1.6m | €1.0m | ▼ 35.0% |
| Advances received on contracts in progress46 | - | - | €0.3m | €0.9m | €0.5m | €0.1m | €0.1m | ▼ 2.5% |
| Taxes, remuneration and social security45 | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 20.4% |
| Taxes450/3 | - | - | €0.03m | €0 | - | - | - | - |
| Remuneration and social security454/9 | - | - | €0.09m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 20.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,737 | €96,514 | €82,224 | €234,860 | €223,279 | €52,366 | €28,357 | ▼ 45.8% |
| + Depreciation and write-downs630 | €1,126 | €1,233 | €1,702 | €1,651 | €805 | €547 | €2,418 | ▲ 342% |
| Operating cash flow (approximation) | €6,863 | €97,747 | €83,926 | €236,511 | €224,084 | €52,914 | €30,775 | ▼ 41.8% |
| Investment in fixed assets (approximation) | - | -€1,849 | -€1,128 | -€185 | -€1,078 | -€660 | -€8,842 | ▼ 1,239% |
| Change in cash | - | -€49,663 | €274,131 | €294,967 | -€215,642 | €244,279 | -€447,677 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,375 companies had the same profile as GRAYPEN has now. Two years later, 95.9% were still going and 2.2% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
95.9%
was still going
1.6%
stopped otherwise
2.2%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GRAYPEN itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,375 companies, not a prediction for GRAYPEN. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-10-2025 | abbreviated format | 28-04-2026 | 2026-00103416 | |
| 31-10-2024 | abbreviated format | 30-04-2025 | 2025-00085168 | |
| 31-10-2023 | abbreviated format | 11-04-2024 | 2024-00062264 | |
| 31-10-2022 | abbreviated format | 28-04-2023 | 2023-00071441 | |
| 31-10-2021 | abbreviated format | 07-06-2022 | 2022-20054323 | |
| 31-10-2020 | abbreviated format | 26-03-2021 | 2021-08800563 | |
| 31-10-2019 | abbreviated format | 05-06-2020 | 2020-15100571 | |
| 31-10-2018 | abbreviated format | 11-04-2019 | 2019-09900343 | |
| 31-10-2017 | abbreviated format | 27-03-2018 | 2018-08000097 | |
| 31-10-2016 | abbreviated format | 27-06-2017 | 2017-24000466 |